The New Delhi-headquartered company's revenues were Rs 3,168 crore for the financial year 2012-13.

Micromax, which is the second largest smartphone player in India, held about 16 percent market share in Q4 2013. Some of the top selling models were the entry level smartphones like A35 Bolt and A67, IDC data showed.

The Canvas range of devices has also done well in terms of volume contribution owing to the marketing campaigns launched around them.

"We have seen huge growth in business, especially in the smartphone category (mid and entry-level). We expect to close this fiscal will a billion in revenues," Micromax co-founder Vikas Jain told PTI.

The firm will continue to launch innovative and affordable products for the market across platforms, he added.

"We will introduce a product based on Android Kitkat with in the next 60 days," Jain said.

Asked if the company would introduce a device with Windows Phone OS, he said the company is in discussions with Microsoft on bringing out "products relevant to the Indian market".

"This is aimed at offering the best out-of-the-box experiences for the Indian users and the partnership will see a unique amalgamation of the expertise of the three companies," Jain said.

While, Aircel will offer one stop solutions to address the increasing data demands, MediaTek along-with Micromax's expertise in product design and performance will redefine the user experience creating a win-win ecosystem for the Indian users, he added.

Under this alliance, Aircel will team up with Micromax to introduce a range of offers for the consumers which will be almost equivalent to cost of the device.

Powered by MediaTek chipsets, the devices promise to deliver a seamless and a powerful user experience, while the bundled Aircel offers will drive data growth in the country.

The offers initially will be available across 4 Micromax devices - MMX 377G, Funbook Mini 410i, A090 and X070 -- to be available next month.

The co-developed smart devices by the three pioneers will deliver seamless experience for consumers, driving enhanced performance and data experience for customers across the country.